Page 21 - Ebook IC S01
P. 21
Survey And Loss Assessment IC-S01
The risks which have a major impact on the assets are known as important risk
and the risks which have a temporary impact are known as unimportant risk
Financial risk refers to a loss which is measurable in terms of money.
Non-financial risks are generally not insurable. However in certain cases like
award by court for harassment, mental agony are the examples of non-financial
risks which are paid in insurance
The risks which have an affect on the whole nation or a state is known as a
dynamic risk. Examples inflation, changes in political scenario, changes in
technology
Static risks on the contrary affects only a particular individual or a company. Like
a theft, fire, damage through accident
The fundamental risks are those which affect a large number of populations. Eg. A
train accident is a fundamental risk
Particular risk affects only some specific persons eg. death of an individual is a
particular risk
In pure risk there is only chances of loss and no gains
In a speculative risk there are chances of both losses and gains.
Insurance covers only pure risk and speculative risks are excluded
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